Yucheng & CMB Launch POS Merchant Acquiring

Yucheng Technologies Ltd. has announced a partnership with China
Merchant Bank(CMB) for the introduction of its POS merchant-
acquiring service for banks in China. Yucheng will focus on merchants
of all sizes across different retail markets including restaurants,
shopping
malls, and bars. The company provides outsourced solutions to
Chinese Banks such as POS machines and maintenance, merchant
acquisition, authorization and capture of transactions, merchant billing
and training and has an acquiring team of over 70. Yucheng currently
services more than 550 merchants and, by 2008, expects to be
operational in 8 cities with 7,000 merchants.

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Bank of East Asia Unveils FastCash Card

The Bank of East Asia has introduced the “FastCash Card”, an ATM
card that improves accessibility. It was designed with the senior
citizen in mind by simplifying the ATM interface and providing
direct access to account balance information and cash withdrawal
services. Furthermore, the HK$50 annual fee for the “FastCash
Card” is waived for those aged 65 or older. The new service is
to be available at all BEA ATMs and approximately 1,200
additional JETCO ATMs.

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WAY Systems Names a New Marketing Manager

Boston-based WAY Systems has hired Cheryl Duszak, formerly with GSSI, First, and Torrent Systems, as Marketing Manager. Duszak joined WAY in March and brings over 15 years of experience in high-tech marketing to the already experienced WAY marketing team. She previously held marketing management and director positions at GSSI, First, and Torrent Systems where she was key in each company’s rapid profit growth. Duszak will be responsible for all WAY marketing communication activities, including advertising, events and public relations. WAY Systems is a provider of wireless transaction processing and global service provider of mobile phone based Point of Sale solutions.

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Westpac Cardholders Reward Conservation

In conjunction with Easy Being Green, Westpac has launched
a ‘green’ initiative for its’ “Altitude” cardholders. Cardholders
can redeem points for offsetting greenhouse gas emissions of auto
and plane travel and purchase environment-friendly products for their
home. Westpac is promoting the reduction of CO2 pollutants with
the green card, which is among its other programs including the
green mortgage package – the Economical Living Program – the
e-statements initiative and the Westpac Landcare Term Deposit.

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AmEx Offers a Private Charter Prepaid Card

American Express Incentive Services has teamed with JetOne Jets to offer a prepaid card for flying private charter. The new “AccessOne Card” is available in denominations of $100,000, $200,000, $500,000, and $1 million and is loaded with funds worth a specific number of flying hours. JetOne offers rewards and VIP perks such as complimentary in-flight catering, limousine service, a 24-hour concierge team, bonus gifts and free jet upgrades. The “AccessOne Card” is packaged in a custom-made wooden box along with a keepsake signature leather carrier. Additionally, a percent of all “AccessOne’s Card” purchases is donated to the “Corporate Angel Network” in the cardholder’s name.

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New Fraud Reporting Procedures Now in Effect

New procedures are in place in England, Wales and Northern Ireland
making banks and financial institutions the first point of contact
for check, plastic card and online fraud offenses. In most cases
consumers will be required to
report instances of this type of fraud straight to their bank or
building society and not to the police. It will be up to the financial
institution involved, and not the account holder, to pass details of the
relevant crime on to the police. The change in reporting has come about
after the
introduction of the Fraud Act 2006 and follows discussions between the
Home Office, Association of Chief Police Officers (ACPO) and the
financial sector. The aim is to reduce the level of bureaucracy involved
in fraud recording and to streamline the reporting, recording and
investigation of such frauds. APACS statistics show that there were just
over 700,000 cases of card
fraud in 2006, with the average loss per case amounting to GBP608.

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Sixth Annual EPCA Conference to be Held in May

The 6th International EPCA conference will be held in Frankfurt May 15
and 16, 2007. The focus of the conference will be “Reshaping the European payment landscape: the realistic scenarios” and will address key issues for strategic professionals involved in payment services industry to include compact briefings on the SEPA update, the customer view, reshaping processing networks and payments innovations in Europe.
The European Payments Consulting Association (EPCA) is a pan-European
association of independent payments consultancies. The annual EPCA
conference is organized for financial professionals by financial
professionals.

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Tranax Technologies Forms a Board of Directors

CA-based Tranax Technologies has formed a Board of Directors including Wolfgang Hausen, Jack McDonnell Jr., Dr. Kathryn Hanson; Dr. Hansup Kwon and Heemook Kwon. The role of the newly-created board of directors will be to serve as a sounding board and counsel to help the CEO and executive team evaluate and respond to strategic business opportunities and challenges. The charter will also include accelerating the implementation of practices, people, and strategies needed to expand and grow Tranax. The five board members will serve for 3 years and will provide best practices related to corporate strategy, operations and general management. Tranax provides the design, development, manufacture and sale of self-service technology to the retail, banking, hospitality, entertainment, and gaming industries.

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Nearly 3 MM Credit Applicants Are Rejected

Research from MoneyExpert.com found that as many as 2.8 million attempts
to obtain a credit card
had been rejected over the last half year, around 15,555 a day.
People aged between 25 and 35 were found to be the most likely to have card applications turned down, with 11% having been rejected. This compared with 8% of 18 to 24-year-olds
and just 3% of the 55 and above age group. MoneyExpert.com has warned
that some people who genuinely need access to credit may have been
excluded in the crackdown by providers. A poll of 2,300 UK adults
revealed that around 6% of people had seen their
credit card application turned down in the last six months. One in 10
people in total reported having been rejected for a range of
financial products. MoneyExpert.com provides financial comparison service allowing customers to select from all suitable products from all relevant providers.

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INTRUST Bank Expands its NYCE Relationship

NYCE Payments Network has signed a long-term contract extension with KS-based INTRUST Bank which also expands the existing relationship by naming NYCE the sole provider of retail PIN debit access for INTRUST, which will also use NYCE as its primary network for ATM card access. The NYCE Network provides consumers with secure, real-time access to their money, connecting the accounts of more than 74 million cards with 280,000 ATMs and 1.5 million point-of-sale locations nationwide. INTRUST has assets of $3.3 billion, 47 branches spread across Kansas and Oklahoma, and contributes more than 100,000 cards and 100 ATMs into the NYCE Network. NYCE is a leading U.S. debit card payments network and a division of Metavante Corporation, the banking and payments technology subsidiary of Marshall & Ilsley Corporation.

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